Tax Rate

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Tax Rate

The amount of charges imposed by the government upon personal or corporate income, capital gains, gifts, estates, and sales that are within its statutory authority to regulate.

Tax rate schedules are utilized by taxpayers whose taxable incomes exceed certain designated amounts. Separate schedules are provided for married individuals who file jointly, unmarried people who maintain a household, single people, estates, trusts, and married couples who file separate returns.

Cross-references

Income Tax; Taxation.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Perhaps he saw the Fox News poll conducted in January that found 65 percent of registered voters liked the idea of raising marginal tax rates on people earning $1 million or more--and even more support (70 percent) raising taxes on incomes of $10 million or more.
A 70% marginal tax rate may sound extremely high, and compared to today's tax brackets, it is.
Effective marginal tax rates indicate the change in profits "taxed" by the combined effect of taxes, social security contributions and any abolition of income-related social transfers.
Table 1 summarizes changes in these weighted average marginal tax rates from Tax-Calculator.
Although there has been much discussion on the impact of high marginal tax rates on tax revenues, there has been little analysis of the role that the lowest tax rates have on tax revenues.
* The plan would significantly increase marginal tax rates and the cost of capital, which would lead to 9.5% lower GDP over the long term.
Marginal tax rates are commonly associated with federal income tax brackets.
Similarly, several studies have found a positive impact of marginal tax rates on entrepreneurship.
Padovano and Galli (2002), without making any explicit use of public expenses, also provide empirical results from 23 OECD countries that are in favor of a negative impact of high marginal tax rates on income, while Arm and Koray (2006) within an environment which makes use of general government expenses, find that income taxation initially increases output but, eventually, it leads to lower levels in income in the long-run.
Indeed, the vast literature examining tax rates and economic growth strongly suggests that marginal tax rates and GDP growth rates are negatively related.
It said the marginal tax rate faced by those with an earner between PS50,000 and PS60,000 would rise by 11 per cent for those with one child and another seven for each additional child.
In addition, the study illustrates that the relationship between marginal tax rates and the tax benefits of deferral is complex.